Arbor Metals Closes Second Tranche of Private Placement
NEWS RELEASE
ARBOR METALS CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT
Vancouver, Canada – November 8th, 2024 – Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) is pleased to announce that it has closed the second tranche of its nonbrokered private placement (the “Offering”) for addi�onal gross proceeds of $681,800. In connec�on with closing of the second tranche of the Offering, the Company has issued a further 200,000 units (each, an “NFT Unit”) at a price of $0.35 per NFT Unit, and 1,330,000 flow-through units (each, an “FT Unit”, and collec�vely with the NFT Units, the “Offered Securi�es”) at a price of $0.46 per FT Unit. When combined with the first tranche of the Offering, the Company has raised gross proceeds of $2,935,349 through the issuance of 885,000 NFT Units and 5,707,824 FT Units.
Each NFT Unit consists of one common share of the Company (each a “Unit Share”) and one common share purchase warrant (each, a “Warrant”). Each FT Unit consists of one common share of the Company issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one-half of one Warrant. Each whole Warrant en�tles the holder to purchase one addi�onal common share of the Company (each, a “Warrant Share”) at a price of $0.60 at any �me on or before November 8, 2025.
The Company intends to complete further tranches of the Offering, in any combina�on of NFT Units and FT Units, for total gross proceeds from the Offering of $4,000,000. The net proceeds raised from the Offering will be used for the further advancement of the Jarnet Lithium Project and for working capital purposes. Proceeds from the sale of the FT Units will be used to incur “Canadian explora�on expenses” as defined in subsec�on 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsec�on 127(9) of the Income Tax Act. Such proceeds will be renounced to the purchasers of FT Units with an effec�ve date not later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the FT Units.
In connec�on with closing of the second tranche of the Offering, the Company paid $40,908 and issued 91,800 Warrants to certain arms-length par�es, including GloRes Securi�es Inc., who assisted in introducing subscribers to the Offering. The Company may pay addi�onal finders’ fees to eligible par�es in connec�on with closing of further tranches of the Offering. All securi�es issued in connec�on with the second tranche of the Offering are subject to restric�ons on resale un�l March 9, 2025, in accordance with applicable securi�es laws. Comple�on of further tranches of the Offering remains subject to the approval of the TSX Venture Exchange.
This news release shall not cons�tute an offer to sell or the solicita�on of an offer to buy the Offered Securi�es, nor shall there be any sale of the Offered Securi�es in any jurisdic�on in which such offer, solicita�on or sale would be unlawful prior to the registra�on or qualifica�on under the securi�es laws of any such jurisdic�on. The Offered Securi�es being offered will not be, and have not been, registered under the United States Securi�es Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.
About Arbor Metals Corp.
Arbor Metals Corp. is a mining explora�on company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral explora�on as it oversees world-class mining projects. The Company is confident that combining quality projects with proven strategies and a dedicated team will yield excep�onal outcomes.
For further informa�on, contact Mark Ferguson, Chief Execu�ve Officer, at [email protected], or 403.852.4869, or visit the Company’s website at www.arbormetalscorp.com.
On behalf of the Board,
Arbor Metals Corp.
Mark Ferguson, Chief Execu�ve Officer
Neither the TSX Venture Exchange nor its Regula�on Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securi�es Li�ga�on Reform Act of 1995 and applicable Canadian securi�es laws. When or if used in this news release, the words “an�cipate”, “believe”, “es�mate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions iden�fy forward-looking statements or informa�on. These forward-looking statements or informa�on may relate to further explora�on of the Jarnet Lithium Project, the intended use of proceeds from the Offering, the an�cipated closing of further tranches of the Offering, and other factors or informa�on. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assump�ons and es�mates that, while considered reasonable by the Company, are inherently subject to significant business, economic, compe��ve, poli�cal and social risks, con�ngencies and uncertain�es. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obliga�on, to update these forward- looking statements or informa�on to reflect changes in assump�ons or changes in circumstances or any other events affec�ng such statements and informa�on other than as required by applicable laws, rules and regula�ons.